Crypto Industry News:
Joseph O'Connor, also known as "Plugwalk Joe", was found guilty of running an advanced hacking campaign that involved hijacking the Twitter accounts of famous people and trying to defraud their followers. Barack Obama, Joe Biden and Elon Musk suffered in the case, for example, through whose accounts cryptocurrencies were extorted. The perpetrator was sentenced to five years in prison.
O'Connor was extradited from Spain to the US in April and pleaded guilty to the charges in May. These included mass hacking of social media accounts, cybercrime and cyberstalking, among others.
He and his associates carried out the attack in early 2020. They contacted some Twitter employees by phone and manipulated them into obtaining login details. This gave the hackers access to the website's internal administration tools. They used this access to post a Bitcoin scam on over 130 celebrity Twitter accounts. According to the Department of Justice (DoJ), they also sold access to some accounts to third parties.
In a separate case, O'Connor and his colleagues successfully used SIM swap attacks. This time to compromise three directors of a cryptocurrency company based in Manhattan. They used the access they gained to divert digital funds currently worth $1.6 million from their wallets.
Technical Market Outlook:
The ETH/USD pair has been consolidating the recent gains in a narrow zone with an occasional dip to the level of $1,837 that now will act as the intraday technical support. The bulls failed to break above the technical resistance located at the level of $1,930 and reversed lower again.The momentum turned into weak and negative after the failed breakout attempt, so now the short-term outlook is looking more bearish. The short-term technical support is seen at the level of $1,837 and $1,830 (100 MA).
Weekly Pivot Points:
WR3 - $1,958
WR2 - $1,919
WR1 - $1,898
Weekly Pivot - $1,881
WS1 - $1,859
WS2 - $1,842
WS3 - $1,809
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
